Under the Act, the Commerce Commission enforces product safety standards on items such as bicycles and flammability of children's night clothing.

It is illegal to sell goods that are unsafe, and businesses are required to notify the Commerce Commission if they become aware of a product that could be a danger to consumers.

The Act requires businesses to provide clear and accurate information to consumers about products and services, including pricing, terms and conditions, and any additional costs.

The Act has undergone several amendments since its inception in 1986 to address emerging issues in the marketplace and to align with international best practices in consumer protection.

The Fair Trading Act 1986 plays a crucial role in regulating the marketplace in New Zealand, aiming to ensure that businesses operate with honesty, transparency, and integrity, and that consumers are protected from unscrupulous practices.

On 11 September 2024, Parliament passed a private member's bill which amended the Fair Trading Act 1986 to ensure that gift cards have a minimum expiry date of three years from their initial purchase.